HDFC Financial institution, the largest personal sector financial institution in India, has partnered with Retailio, the Indian B2B pharma market, to roll out co-branded bank cards focused at pharmacies within the service provider phase, a report from Livemint mentioned Monday (Could 23).
HDFC mentioned that is prone to cowl over 140,000 retailers in its first section and can be out there to over 100,000 clients of Retailio from their present service provider base.
There can be a number of new options, resembling 50 days of interest-free credit score, reward factors, numerous milestone advantages, 5% cashback on necessities like utility, telecom, authorities and tax funds, and no- or low-cost EMI choices for patrons on their bank cards, together with time period mortgage eligibility.
Parag Rao, nation head of cost enterprise, shopper finance, expertise and digital banking with HDFC, mentioned the partnership will “prolong this collaboration additional into the pharma sector with a custom-made product for retail pharmacies, distributors, and hospitals throughout the Retailio service provider community.”
“Our goal is to assist enlarge the ecosystem by such collaborations, and finally supply a differentiated, tailored expertise for patrons to satisfy their evolving wants,” he mentioned, in line with the report.
See additionally: Paytm, HDFC Financial institution Accomplice To Present Client, Service provider Options
HDFC partnered final yr with Paytm, the FinTech platform, to debut new monetary options for Indian clients and retailers to assist enhance digital transactions for semi-urban and rural components of India.
The deal was made as Paytm was readying for its IPO and it got here with new merchandise for digital funds, lending and level of sale (POS) options, the report mentioned.
That may embody providers like cost gateways, POS machines and credit score merchandise like purchase now pay later (BNPL) options.
Paytm and HDFC can even roll out a co-branded retail POS product.
Paytm Lending CEO Bhavesh Gupta mentioned the intention was to offer digital lending and cost options.
“This partnership will strengthen the monetary providers ecosystem by bringing collectively our expertise and digital options and HDFC Financial institution’s retail and credit score prowess,” he mentioned, in line with the discharge.